Internet Socity NGO

NFT domains. Competition or cooperation?

Web3 is an opportunity to introduce new features of the Internet.

Block chains, digital currencies, and NFT domains serve as the foundation for this approach of building a decentralized mechanism for data recording and storage.

With the introduction of the first cryptocurrency, Bitcoin, block chains earned recognition. Blockchain is already regarded as suitable and useful for every industry and activity. Data is stored on tens of thousands of servers using this technology, and the creation time, location, and author are all automatically identified. You cannot modify the back number due to the block chain protection level.

The creation of new Web zone characteristics involves participation from Armenia’s technological community. In Armenia, a free economic zone was established in 2018 with the goal of developing block chain. In 2021, there were 97% more blockchain businesses in our nation than there were in 2020.

“Armenian, offered from Yerevan, is the most popular monitoring cryptocurrency program in the world. Yerevan served as the location for the commercial for one of the most well-known cryptocurrency brands. We may cite many instances to demonstrate how the use of block chains inside our technological community has enormous potential “At the 7th Armenian Internet Governance Forum, Armenian Block Chain Association President Vigen Arushanyan highlighted (ArmIGF-2022).

Unlike the TLD (top-level domain) names that are currently often used, NFT (non-fungible token) tokens are a distinctive mark of individual identification. The registrant is the sole owner of NFTs that apply to Web3. They can be used to protect copyright and cryptocurrency transactions.

“Blockchain in Web3 guarantees the uniqueness of NFTs. In other words, it is not possible to create a fake token. This also brought the idea of attaching some other content to NFTs in 2016-17. And in 2020, smart contracts were born, which first included art products, then that list was expanded. Tokens were attached to crypto wallets and it became possible to earn money,” explained Vigen Arushanyan.

Although today TLD domains are much more widely used than NFTs, Web3 functions have already attracted the attention of well-known brands and the time for noticeable competition between these domains is not far away.

“Web3 is a new platform for human development and innovation.” Today, the Internet Society is trying to organize the task of bringing it to the field of wide application by preventing inappropriate influences. During this period, the practical interest and cooperation of Armenian companies is also important. According to Artur Varderesyan, the manager of “Menk Consulting,” the professional society of Armenia has a great chance to set new trends in the international market for this industry.